TradeIO, one of the best cryptocurrency exchanges, has now opened its doors to fiat deposits. Without a doubt, this will be a game changer for many traders in the arena who are looking towards multiple entry points and investment options.

It can be a task-and-a-half to get your fiat money into an exchange and ready for trading. I've been there, and I'm sure many regular traders have as well:

Every so often, you find your favourite coins on the exchange dipping to a reasonable price and you want to take advantage, but there are no liquid funds to trade with. So you transfer some of your fiat from your bank to your BTC wallet. Then you wait... and wait... and wait. Though it's faster than a usual overseas banking transfer, in the modern digital world, it seems endless. Sometimes the window of opportunity has passed by the time your Fiat funds have been transferred to the exchange of your choice and exchanged into the cryptocurrency you had in mind. This costs time, it can cost you your profit, and it's annoying, to say the least. Well, not anymore when you trade at Trade.io!

What is Trade.io?

First things first: of course in order to make a well-informed decision about trading with them, you'd need to know the company a little. In their own words: "Trade.io is an exchange that offers lightning-fast execution and a fully-customizable interface." When opening an account, you'll be asked to fill out the KYC (Know your Customer) form, add some documents like proof of address and proof of ID, and within a short time, you'll be ready to deposit funds, trade and/or withdraw cryptocurrency or fiat. My account verification took less than 24 hours.

Current State of Fiat Deposits

Trade.io has come up with some new solutions for their customers to deposit and withdraw their money. After the verification process, you can deposit fiat currency using instant bank transfer or international bank wire transfer (SWIFT). These transfers are usually instant, as the name implies, so this way you won't lose valuable time. Initially, fiat deposits will only be possible in EUR or GBP, but more will be added in time.

You can now trade in the following pairs of fiat currencies and cryptocurrency:

ETH/EUR
BTC/EUR
ETH/GBP
BTC/GBP
LTC/EUR
LTC/GBP
XLM/EUR
XLM/GBP
USDT/EUR
USDT/GBP

This is quite something. There may be other exchanges who offer fiat bank transfers, however trading is usually limited to one Fiat option to BTC so you'd still have to do a few trades to get any other coin. With the extensive list above it's, of course, possible to trade into any other coin offered by the exchange.

The costs of bank transfers are charged by your bank and will be displayed clearly before making a transaction. These charges may vary as per the bank and country.

Customers who joined the liquidity pool have an even better deal: they don't have to pay any fees because Trade.io will take care of the service provider (PSP) fee for them. If you're planning to transfer and exchange larger amounts of fiat and more often, this could be something to look into. The liquidity pool can be joined by locking 2,500 TIOx (approximately $220.00) in the pool while you share in the profits.

Depositing fiat by using a credit card is already possible at Trade.io, but only while exchanging into BTC or ETH. Now there are plans to make this easier as well, by offering these deposits directly to the customers' fiat balance. The customer can then decide for themselves which coin to buy from the list above.

Below you will find the list of costs and fees displayed, you can also find the full list here.

source

Countries excluded from trading in the Trade.io exchange can be found here.

Conclusion

By opening up their doors to fiat deposits and withdrawals, Trade.io is making it easier for people to deposit, trade, exchange and withdraw their funds. While this used to be quite a complicated and tedious task that took a lot of time, the decision to implement these changes will undoubtedly be a game changer for many active traders, while also lowering the threshold for interested parties who would otherwise be lost in the everchanging world of cryptocurrency trading. This will in its turn result in more people buying, trading and selling cryptocurrencies, which is great news for all parties involved. While Trade.io seems to be the trend-setter exchange in the fiat-crypto trade, I am sure that others will soon follow suit.

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Disclaimer: This is not financial advice, nor a guarantee or promise in regards to any result that may be obtained from using the above content. The information provided here is for informational and entertainment purposes only. It should not be considered as financial and/or investment advice. No person should make any kind of financial decision without first consulting their own financial adviser and/or conducting their own research and due diligence.